1
The demand for housing among first-time homebuyers has been consistently high over the past few years, with more buyers searching for homes now than in the previous decade. This increase in demand can be attributed to the fact that first-time buyers are establishing their own households, leading to a growth in new households. However, the supply of housing has not kept up with this demand, which has resulted in a shortage of housing.
2
It is improbable that the demand for housing will decrease anytime soon. This is evidenced by two statistics: there are currently close to 10 million job openings in the US, which means more people will be able to afford to buy homes. Additionally, the National Association of Realtors has found that 15.6% of adults aged 25-34 still live with their parents, indicating that there will be a rise in new households and hence, more demand for housing.
3
Therefore, if you are planning on purchasing a home, waiting for a decrease in demand may not be a viable option. In fact, the demand for housing may even increase in the coming year. You can contact me for more information or to explore your options.
Comments